Exercise 16-6 Calculating cash flows from operating activities (indirect method) LOS Use the following income statement and information about changes in non-cash current assets and current liabilities to present the cash flows from operating activities using the Indirect method. (List any loss, cash outflow or deduction in cash as negative amounts.) Eyelashes and More Co. Income Statement For Year Ended May 31, 2020 Sales $2,820 Cost of goods sold 1.424 Gross profit $1,396 Operating expenses Depreciation expense $ 224 Other expenses 1.110 Total operating expenses 1,334 Loss on sale of long-term investment 90 Profit (loss) from operations $ (28) Income tax expense Profit (los) (28) 0 $ Changes in current asset and current liability accounts during the year were as follows. Accounts receivable Inventory Prepaid insurance Accounts payable Accrued liabilities $ 84 decrease 33 Increase 4 increase 20 increase 11 decrease Prepaid insurance Accounts payable Accrued liabilities 4 increase 20 increase 11 decrease EYELASHES AND MORE CO. Statement of Cash Flows For Year Ended May 31, 2020 Profit (loss) Adjustments 0 0 $